- WE'RE JUST RANDOM SPECKS OF DUST IN A TORNADO TO THE MARKETS .......

- CHARTISTS MUST PUT ALL BIAS ASIDE AND LET THE CHARTS DO THE TALKING OR WE'LL SEE ONLY WHAT WE WANT TO SEE- This blog has a copy of all header posts that I publish anywhere, so that those interested in seeing what my thoughts are on the markets can find them easily.

- I will be answering questions and responding to comments, so feel free to respond to any posts and I will see your comment even if it is not on the most recent post.

- If you're interested in seeing any intraday charts I post, I do that on twitter, and my twitter handle is @shjackcharts.

- The charts in the posts are as large as I can practically make them. if you would like to look at one more closely, click on it, and the link will take you to a larger version at screencast. If you click on that again, you will get a full page version, and can use the resizing function on your browser to enlarge parts of interest further.

Friday, 4 November 2016

Looking at the Bigger Picture

This has been a powerful lower band ride down on SPX, and both SPX and NDX have been trading between the 2sd and 3sd lower bands. These don't tend to last long and usually end with powerful rallies. The low on SPX today was a test of the 200dma and that is an obvious possible launch area. SPX daily chart:

The most bearish looking of SPX, NDX and RUT is NDX, as there is an open double top target there at 4600. Testing decent support on the way in the 4655 area. NDX daily chart:

I posted this RUT chart on Tuesday and was saying that I'd expect this double top to make target at 1149. I'd note that the 200dma is currently at 1150. That is a very possible support area, and possible low for this move. The current low on RUT is at 1156 and it should make the full target, though that might be after a strong rally. We would usually see a strong rally before any meaningful low could be made, and we haven't seen one yet. RUT daily chart:

Resistance on ES is clearly in the 2092/3 area (2098/9 SPX area) today. If bulls can convert that to support then we likely see a strong rally. If they can't then I'll be looking for that double top target on RUT.

Stan and I are doing our monthly public Chart chat on Sunday. This is free to all and if you'd like to attend you can register for that on this page here. Everyone have a great weekend. :-)

No comments:

Post a Comment

Search This Blog

Subscribe To This Blog

Princeton Trader

My Other Sites

Followers

Donate in $

Donate in £

Donate Note

If you have found anything here particularly helpful, and would like to show appreciation of the green and folding variety, please feel free to do so and any contributions will be gratefully accepted. :-)

I've set up two donation buttons so that donations can be made in USD or GBP as selected. If anyone would like me to set up a Euro button please let me know.

Follow by Email

Follow By Email Note

The Follow By Email function works, but takes several hours to deliver new posts at the moment. I'm assuming this will improve in time. I'm considering switching to Wordpress as I know the email function works better there.

Total Pageviews

Disqus for Channels and Patterns

Disclaimer

Disclaimer: This website may include stock and market analysis. Any opinions, ideas, views and statements expressed here are opinion only, subject to change without notice and for informational purposes only. Trading stocks carries a high degree of risk. It is possible that an investor may lose part or all of their investment. Accuracy and timeliness of any information is not guaranteed and should only be used as a starting point for doing independent additional research allowing the investors to come to his or her own opinion. Nothing on this blog is to be considered a buy, hold or sell recommendation. Any investments, trades and/or speculations made in light of the opinions, ideas, and/or forecasts expressed or implied herein are committed solely at your own risk, financial or otherwise. Results are dependent on market conditions, timing and trading style. Comments posted on Disqus Threads are not moderated and are not representative of opinions of authors of this site.

Translation: You are responsible for your own investment decisions.Not anyone else.YOU.

Position disclaimer: Authors might OR might not have position/interest in securities mentioned on this site!